Owe the IRS Money? How Long Do They Have to Collect?

Article Highlights: Statute of Limitations Filing Before April Due Date Filing After April Due Date Extension Amended Returns Three-year Statute Understatement Exceeds 25% No Filing or Fraud Ten-year Collection Period …

Working Abroad Has Huge U.S. Tax Benefits

Article Highlights: Tax-Free Income from Working Abroad Foreign Earned Income and Housing Exclusions Foreign Self-Employment Income Claiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide…

You May Need to File Estimated Tax Payments

, ,
Article Highlights: Employees Self-Employed Individuals Quarterly Payments Underpayment Penalty Safe Harbor Payments Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax…
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

, , , , ,
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit? Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers…
March 2022 Tax Due Dates & Reminders

March 2022 Tax Due Dates & Reminders

, , ,
March 2022 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than…

Don’t Think You Have to File a Tax Return? You May Be Missing Out!

 Article Highlights: Withholding Other Prepayments Tax Credits Earned Income Tax Credit Child Tax Credit American Opportunity Tax Credit Recovery Rebate Credit These days the tax return is used for more than just collecting…

What Is Tax Basis and Why Is It So Important?

Article Highlights:  Definition of Tax Basis Cost Basis Adjusted Basis Gift Basis Inherited Basis Record Keeping For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For…

Understanding Tax Lingo

,
Article Highlights  Filing status. Adjusted gross income (AGI). Taxable income. Marginal tax rate. Alternative minimum tax (AMT). Tax Credits. Underpayment of estimated tax penalty. When discussing taxes, reading tax…

Education Credits are for Children? Think Again!

,
Article Highlights: Who Qualifies for Education Credits American Opportunity Credit Lifetime Learning Credit Qualifications Who Gets the Credit 1098-T Qualified Expenses If you think that education credits are just…

Tax Breaks for Grandparents

,
Article Highlights: Head of household filing status Earned income tax credit Child tax credit Child care credit for certain working grandparents Grandchild education credits Medical and dental expenses More and more individuals…